Tax Carnival Ecstasy – February 19, 2013

Welcome to the February 19, 2013 edition of Tax Carnival Ecstasy. In this edition we start with a post from David de Souza who looks at 3 Ways To Pay Less Tax On Your Savings. Kurt at Mymoneycounselor.com has tips on the best way to Choose a Tax Preparer. Have you ever wondered if You need to Pay Taxes on credit card rewards from reward points? William has the details. And finally, John Schmoll examines 5 Easy Ways to Save the Money you Lost Due to the Payroll Tax Increase. Hope you like the material, share on Facebook, tweet, bookmark, and come back soon.

deductions

David de Souza presents 3 Ways To Pay Less Tax On Your Savings posted at TaxFix Feed Update, saying, “This blog post will provide 3 tips on how you can maximise your tax efficiency on your savings.”

filing

Bill Smith presents Canadian Income Tax Filing Made Easy posted at 2014 Taxes, saying, “In recent years, the Canada Revenue Agency (CRA) has been expanding the methods available for you to file your income taxes.”

Bill Smith presents Filing Taxes with TurboTax Canada posted at 2014 Taxes, saying, “TurboTax Canada is designed to make filling less of a challenge no matter who you may be.”

Day 56 - Tax Time
Day 56 – Tax Time (Photo credit: absoblogginlutely)

[email protected] presents How to Choose a Tax Preparer posted at Money Counselor, saying, “The IRS’s “10 Tips to Help You Choose a Tax Preparer” overlooks a huge tip that could save you a bundle.”

Bill Smith presents District Court Rules That The TurboTax 2013 Ads Can Continue To Run posted at 2013 Taxes, saying, “The recent TurboTax 2013 television commercials focused on the accounting experience of the TurboTax 2013 staff while also pointing out the lack of experience of tax preparers from other major tax preparation companies.”

Bill Smith presents How You’re Wrong About Debt Consolidation posted at Debt Consolidation, saying, “With so many mixed messages presented by so many different sources, it can be difficult to know which to believe when it comes to finances.”

tax law

William presents Tax Time: Do You Have to Pay Taxes on Credit Card Rewards? posted at Card Guys Blog, saying, “So, the question becomes this: Are your credit card rewards actually considered income? As always, with our somewhat ambiguous tax code, the answer is: It depends.”

taxes

Bill Smith presents Getting Your Taxes Done with TurboTax Canada posted at 2014 Taxes, saying, “TurboTax Canada is the software that every person should take advantage of when it comes time to sit down and do your taxes.”

Bill Smith presents E-Filing Your Taxes With TurboTax 2013 posted at 2012 Taxes – Free Tax Filing Options, saying, “We are in the midst of the 2013 tax filing season. Every year since 1993; Americans have increasingly used e-filing software to file their tax returns. TurboTax 2013follow has perfected the process of contemporary electronic tax filing.”

John Schmoll presents 5 Easy Ways to Save Money Lost Due to the Payroll Tax Increase posted at Frugal Rules, saying, “The Payroll Tax Holiday went away at the beginning of 2013. Some families were prepared, some were not. This is a list of ways to help make up for that, or if you’re looking to live more frugal and save money in general.”

David de Souza presents Which countries pay the most tax? posted at Tax Credits, saying, “If you think that you pay too much tax in the US you should compare what you pay to other countries in the world. This blog post looks at which countries pay the highest tax.”

tips

Bryan presents Best Short Term Investments posted at Gajizmo, saying, “Even multi-billion dollar corporations are always trying to maximize the returns of their cash and short term investments, so why shouldn’t you? Here is a comprehensive list of all the best short term investment options, from online checking accounts, money markets and Treasuries to “I-Bonds”, corporate bonds, and property tax certificates. Find out the pros and cons of each and where you feel comfortable parking your cash for the short-term before you invest it at higher yields.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Taxes And The Romney Tax Plan

Romney Tax Plan

If you are looking for information on the 2010 taxes and what the Romney tax plan is if he wins the election, maybe this will help you.

One of the things that Romney said he does not want to do is cut taxes for the well off. He said that high income taxpayers will have fewer exemptions and deductions. He said that if those numbers didn’t come down, they’d get a tax break. Romney said that he is proposing a reduction in the tax rate but that he also wants to close exemptions and deductions at the high end so that the revenues will stay the same. He also wants to lower the heavy load on the middle income people. Another thing he wants to cut individual income tax rates, reduce tax preferences, reduce the corporate income tax, eliminate the estate tax, and more. As for the taxes enacted in the 2010 health reform legislation, he wants to repeal it and the AMT.

The plan would reduce the six income tax rates so that the top rate would go down to 28 percent and the bottom rate would go down to 8 percent. The Repeal of the AMP would increase tax savings from rate cuts.

You can find more information on Romney’s tax plan if you are still confused. You can look it up online.

IRS Revokes Nonprofit Tax Exempt Status

The Internal Revenue Service (IRS) has made changes to the nonprofit tax exempt status of agencies that are not for profit in the 445 area who have not filed required tax forms for three consecutive years now. This move has made it impossible for donors to claim deductions on their federal income taxes 2010 for donations given to these organizations.

About 275,000 local agencies all over the country have been affected by this IRS policy move, though according to the federal agency most of these agencies are not operating. A list of the affected agencies is available on the revoked list at Representative Chuck Shumer’s website. However some of the agencies listed are operating and according to them, they have been filing all the paperwork required. So work needs to be done to clarify who is tax exempt and how has lost their tax exempt status.

Unpleasant Surprise

Among these agencies include the Plattekill Public Library, New Windsor Little League, University of Michigan, Woodstock Area Meals, George Washington University and the Islamic Center in Washington D.C. According to these agencies, they have been filing their returns and their tax forms are up to date. They were all surprised when they found themselves on the list.

Why the List is Necessary

The 2006 Pension Protection Act claims that these organizations earning less than $50,000 should file their tax information. Cleaning up the list will increase tax revenues during a time when the US government is in need of increased revenue to help balance spending.

Assisting Potential Donors

The revocation is supposed to eliminate agencies not in operation. Donors can have a clear picture of existing agencies. The IRS had made attempts to reach out to all agencies but most of the organizations claimed that they did not get any information. What is puzzling for organizations is that copies of tax forms can be found on the Guide Star website filed in 2009.

Filing Your Taxes – Helpful IRS Advice

Six Easy Tax Filing Tips

Income tax season does not have to be the worst time of year. The Internal Revenue Service has provided six easy tips that will help people file their taxes this season.

1) Do not leave your taxes until the last minute. Many people avoid filing their tax return until the end of tax season. People who wait until the deadline are more likely to make tax filing mistakes and miss tax savings opportunities. Early filers are less likely to make costly mistakes and the earlier you file your 2010 taxes the sooner you will receive your tax refund.

2) Take advantage of the tax filing information that the IRS is offering via their official website at www.irs.gov. The site lists helpful information, including any recent tax news.

3) Use the tax software and online forms that are available at the www.irs.gov website to make the filing process easier. People who earn under $58,000 per year are eligible for free income tax software access, and anyone can use the e-file service to file their tax return online for free.

4) Nearly 100 million Americans used e-file last year. The online service has become the most popular tax return filing method because it is safe, quick and highly effective. If you want to receive a quick tax refund this year, e-file is the best tax filing option.

5) Do not worry about paying the full income tax amount owed by the April deadline. You can still file your income tax on time, paying as much money as possible. If you do not have enough money to pay your full taxes you should call the IRS at 800-829-1040 to set up a payment system that you can afford. Many people pay their income tax in convenient installments.

6) Those who do not pay their taxes owed by the April due date may have to pay a tax penalty. To avoid the penalty people should request a filing extension by filling out the Form 4868 and sending it to the IRS. To find out more about tax filing extensions you can call the IRS at 800-829-3676 or visit the IRS website.

Volunteer Tax Assistance

Much to everyone’s chagrin the 2010 tax season is almost upon us. If you are looking for 2010 income tax preparation that won’t cost a dime,you may qualify for a sponsored community based  IRS program.

These are a few facts you may want to know about the Volunteer Tax Assistance programs.

1. The Volunteer Tax Assistance and 2010 Tax Council program for senior citizens are sponsored by the IRS.

2. The Volunteer Tax Assistance service gives 2010 tax assistance free of charge for those who earned less than $49,000. Some locations have free filing services.

3. The Tax Counseling for the Elderly service gives tax assistance to those age 60 and older.

4. If you don’t speak good English, several sites provide free translation services.

5. The program volunteers get raining from the IRS to assist qualified taxpayers with tax credits and deductions like the Earned income Credit, elderly tax benefit, and child tax benefit.

6. As many as 12,000 free locations are open for the 2010 tax year across the country as the IRS proceeds to establish more business relationships with community and nonprofit centers carrying out these important services.

7. AARP has more than 6000 Volunteer Tax Assistance locations providing the free tax help program during tax season. The full licensed and trained volunteer AARP staff give aide to taxpayers who earn low to average wages with special attention given those over 60.

8. The IRS also collaborates with the military to provide 2010 tax service free to members of the military and their household. The Armed Forces Tax program is made up of tax program counselors for the Air Force, navy, Marines, Coast Guard and Army who are trained thoroughly and prepared to handle any detailed like combat zone benefits.

9. The hours and locations vary by city and details can be found through local community centers and hot line information.

10. You can find out about local Volunteer Tax Assistance locations from the IRS site or by calling their toll-free number at 1-800-906-9887. For the AARP Tax Aide Program closest to you, call 1-888-227-7669 or go to their website at AARP.org.